COLLAPSE OF SILICON VALLEY BANK AND ITS IMPACT ON THE US ECONOMY
Silicon Valley Bank, also known as SVB Bank was one of the biggest and most popular state-chartered banks which was founded in the year 1983 by Wells Fargo. The bank had its headquarters in Santa Clara, California. The bank had its branches in California as well as Massachusetts. SVB offered a plethora of services that were able to fulfill the needs and demands of the tech-based industry and related countries. Due to its exceptional services, the Silicon Valley Bank became the top choice of every tech company in the United States, and slowly and gradually this bank became the most loved and trusted choice for more than half of tech-based companies and startups. When the SVB got collapsed on 10 th March 2023, it was the 16 th largest commercial bank in the United States. Big and popular companies such as Airbnb, Block, and Pinterest were the present clients of this bank. WHY DID THE SILICON VALLEY BANK COLLAPSED ON 10 TH MARCH 2023? The only reason behind this massive col...